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According to the World Bank Malawi features in the list of countries whose income rate is low. Therefore Malawi Insurance Companies are not many in number. Malawi is an agro-based country; therefore Malawi Insurance Companies mainly provide insurance for the cost of crop production. Apart form this life insurance are also provided by some companies. The MRFC or the other banks provide insurance. Malawi Insurance Companies are twelve in number, which form the Malawi Insurance Association. The banks or the institutions also yield premiums and recover them through increasing interest rates. But in the face of famine this payment is made to the financial institution as a consequence the farmer is relieved from the burden and is able to borrow for the next month.
The companies are:
Charter Insurance Company Limited
CGU Insurance Limited
Zimbabwe Reinsurance Corporation Limited
United General company Insurance Limited
Vanguard Life Insurance Company Limited
Old Mutual Life Insurance CO Malawi Limited
Royal Insurance Company Limited
Prime Insurance Company Limited
General Alliance Insurance Limited
Nico General Insurance Company Limited
Nico Life Insurance Company Limited
Citizen Insurance Company Limited
Most Malawi Insurance Companies are either owned or sponsored by the insurance firms in USA and UK. The National Insurance Company or NICO is the largest firm providing insurance in Malawi. The vehicle insurance is a must in Malawi. Some private insurance companies are providing health insurance to people.
The National Insurance Corporation or NICO is a financial services organization, which concerns in banking and insurance. NICO offers both life and general insurance through its subsidiaries. One such subsidiary is placed in Malawi. There it offers insurance through a leading insurance company holding 45% of the market share. General insurance covers standard personal and commercial insurance. The life insurance is offered through NICO Life Insurance and provides schemes like annuities, funeral and pension scheme.
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